Jonny Fry Posted
Blockchain technology is changing the commodity market
The size of global trade of goods and services is estimated to be $19 trillion. Commodities account for approximately $4.4 trillion of this trade comprising of 40% energy (oil, gas), 30% base and industrial metals (gold, silver, steel) and 30% agricultural and soft commodities (i.e. items that are grown — coffee, corn, livestock). The size and complex nature of global trade means there are many challenges and inefficiencies that occur when moving commodities around the world. A lack of transparency and the reliance often on paper-based, analogue procedures that were developed years ago are increasingly being...
The size of global trade of goods and services is estimated to be $19 trillion. Commodities account for approximately $4.4 trillion of this trade comprising of 40% energy (oil, gas), 30% base and industrial metals (gold, silver, steel) and 30% agricultural and soft commodities (i.e. items that are grown — coffee, corn, livestock). The size and complex nature of global trade means there are many challenges and inefficiencies that occur when moving commodities around the world. A lack of transparency and the reliance often on paper-based, analogue procedures that were developed years ago are increasingly being...